Chairman of the Management Board of the International Bank of Azerbaijan Jahangir Hajiyev recently said that the bank has come a long way since the country declared independence from the Soviet Union.

"The International Bank of the Azerbaijan has lived through the complex development period and has been transformed from the branch office of the Foreign Economics Bank of USSR to the national development bank. Today the bank is recognized as a fundamental basis of the banking sector of the country," Hajiyev said, according to the Independent. "Strengthening its position as one of the biggest and reliable brand of financial holdings in the Caucasus region, IBA keeps its leading position in all the segments of the financial and banking market of the economy. Its affiliates are also holding a leading positions in areas such as insurance and credit card processing."

In the last 12 years, IBA's assets have increased by 25 times, its loan portfolio by 30 times, customer deposits by 58 times and share capital by 148 times.

The bank was declared a global growing companyby the World Economic Forum in 2007 and has been nominated as "best local bank" by EMEA Finance magazine.

"IBA provides the whole range of services to its corporate and private customers in accordance with international standards," Hajiyev said, according to the Independent. "The long term goals of our customers are our main priorities. Majority of our customers are operating in oil, gas and energy sector, as well as transportation and construction industries.

"The IBA is distinctive with dynamism, innovations and strong corporate spirit. The bank continually makes innovations, improves itself, reacts to the changes of the market in rapid manner, establishes new connections and business relations and overall tries to reach the highest quality in its operations."